Homework Answers
Question 1) The consumption possibility curve shows the combination of goods that can be consumed by a nation after trade begins. So, option 1 is the correct answer.
Question 2) The opportunity cost of bagpipes in Scotland = 25/50 = 0.5 Accordians
The opportunity cost of bagpipes in Poland =
= 150/75 = 2 Accordians.
We can see that Scotland has a comparative advantage in the production of bagpipes and will export bagpipes. The terms of trade would be between the opportunity costs of both the nation. So, from the given options, we can see that the possible terms of trade would be 1 bag pipe for 1 accordian. So, option 2 is the correct answer.
Question 3) After trade begins, Poland has a comparative advantage in producing accordians and Scotland has a comparative advantage in producing bagpipes. So, option 1 is the correct answer.
Question 4) The opportunity cost of producing Bag pipes for Poland is 150/75 = 2 Accordians.
So, option 1 is the correct answer.
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answer these 4. will rate after
The consumption possibilities curve shows the combinations of goods that...
answer these 4. will rate after According to Table 18.1 below. The opportunity cost of a...
answer these 4. will rate after
According to Table 18.1 below. The opportunity cost of a bagpipe in Scotland is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 1/2 accordian O 2 accordians. 6 accordions O 1/3 accordion Which of the following organizations has over 152 member nations and oversees the General Agreement on Trade and Tariffs? O World Trade Organization O North American Free Trade Agreement The General Agreement on Tariffs and Trade the European...
According to Table 18.1 below, Poland's opportunity cost of producing Bag pipes is Daily Output of...
According to Table 18.1 below, Poland's opportunity cost of producing Bag pipes is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 O2 Accordians 1/2 Accordian 03 Accordians. 1/3 Accordian
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are:...
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) Suntan oil (gallons per month) 300 200 50 100 150 Active Land also produces only food and suntan oil, and its production possibilities are: 100 Suntan oil (gallons per month) Food (pounds per month) 150 100 50 0 100 200 300 Draw the two PPFs a. What are the opportunity costs of food and suntan oil in Happy Land? b....
The following table summarizes the combinations of goods X and Y that two individuals, Tina and...
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
I need help with E mainly. 2. Suppose that Happy Land produces only two goods-food and...
I need help with E mainly.
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) Suntan oil (gallons per month) 300 200 50 100 150 Active Land also produces only food and suntan oil, and its production possibilities are: 100 Suntan oil (gallons per month) Food (pounds per month) 150 100 50 0 100 200 300 Draw the two PPFs a. What are the opportunity costs of food and...
U Question 23 8 pts Using the data in the accompanying table, answer the following questions:...
U Question 23 8 pts Using the data in the accompanying table, answer the following questions: For which good does Canada have a comparative advantage? Select) > For which good does Italy have a comparative advantage? [Select Currently, Canada's economy is producing and consuming at point B, and Italy's economy is producing and consuming at point C. If both agree to specialize and trade at the term 40X-40, determine what gains for both countries.(example 1x:17) Canada's gains in the specialization-trade...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
No need to explain in detail. I just want to check my answer. But please provide...
No need to explain in detail. I just want to check my answer.
But please provide me a formula.
1. The principle of comparative advantage asserts that a. not all countries can benefit from trade with other countries. b. the world price of a good will prevail in all countries, regardless of whether those countries allow international trade in that good. c. countries can become better off by exporting goods, but they cannot become better off by importing goods. d....
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of...
Suppose that France and Germany both produce wine and schnitzel. The table below shows combinations of the goods that each country can produce in a day. France Germany Wine (Bottles) Schnitzel (Kilograms) Wine (Bottles) Schnitzel (Kilograms) 0 12 0 25 1 9 1 20 2 6 2 15 3 3 3 10 4 0 4 5 5 0 Suppose that France is currently producing 1 bottle of wine and 9 kilograms of schnitzel and Germany is currently producing 3 bottles...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons...
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
answer these 4. will rate after
According to Table 18.1 below. The opportunity cost of a bagpipe in Scotland is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 1/2 accordian O 2 accordians. 6 accordions O 1/3 accordion Which of the following organizations has over 152 member nations and oversees the General Agreement on Trade and Tariffs? O World Trade Organization O North American Free Trade Agreement The General Agreement on Tariffs and Trade the European...
According to Table 18.1 below, Poland's opportunity cost of producing Bag pipes is Daily Output of Scotland Poland Bag pipes 50 75 Accordions 25 150 O2 Accordians 1/2 Accordian 03 Accordians. 1/3 Accordian
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) Suntan oil (gallons per month) 300 200 50 100 150 Active Land also produces only food and suntan oil, and its production possibilities are: 100 Suntan oil (gallons per month) Food (pounds per month) 150 100 50 0 100 200 300 Draw the two PPFs a. What are the opportunity costs of food and suntan oil in Happy Land? b....
The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina X Y 1000 50 5 0 10 David XY 1500 75 37.5 0 75 fesch person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good Y, and would specialize in the production of good X. (Hint: Calculate the opportunity cost of producing X and Y...
I need help with E mainly.
2. Suppose that Happy Land produces only two goods-food and suntan oil. Its production possibilities are: Food (pounds per month) Suntan oil (gallons per month) 300 200 50 100 150 Active Land also produces only food and suntan oil, and its production possibilities are: 100 Suntan oil (gallons per month) Food (pounds per month) 150 100 50 0 100 200 300 Draw the two PPFs a. What are the opportunity costs of food and...
U Question 23 8 pts Using the data in the accompanying table, answer the following questions: For which good does Canada have a comparative advantage? Select) > For which good does Italy have a comparative advantage? [Select Currently, Canada's economy is producing and consuming at point B, and Italy's economy is producing and consuming at point C. If both agree to specialize and trade at the term 40X-40, determine what gains for both countries.(example 1x:17) Canada's gains in the specialization-trade...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
No need to explain in detail. I just want to check my answer.
But please provide me a formula.
1. The principle of comparative advantage asserts that a. not all countries can benefit from trade with other countries. b. the world price of a good will prevail in all countries, regardless of whether those countries allow international trade in that good. c. countries can become better off by exporting goods, but they cannot become better off by importing goods. d....
2. Problems and Applications Q2 An American worker can produce either 5 cars or 9 tons of grain a year. A Japanese worker can produce either 3 cars or 9 tons of grain a year. To keep things simple, assume that each country has 100 million workers. Complete the following table with the number of workers needed to make one car or 1 ton of grain in the United States and Japan. Workers Needed to Make 1 Car1 Ton of...
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